Adobe Systems (ADBE) Raised to “Strong-Buy” at BidaskClub

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BidaskClub upgraded shares of Adobe Systems (NASDAQ:ADBE) from a buy rating to a strong-buy rating in a research note issued to investors on Thursday.

ADBE has been the topic of several other reports. Barclays lifted their target price on shares of Adobe Systems to $297.00 and gave the stock an overweight rating in a research report on Wednesday. Guggenheim began coverage on shares of Adobe Systems in a research report on Tuesday, August 7th. They issued a neutral rating and a $275.00 target price on the stock. Morgan Stanley lifted their target price on shares of Adobe Systems from $235.00 to $250.00 and gave the stock an equal weight rating in a research report on Friday, June 15th. Bank of America reissued a buy rating and issued a $300.00 target price on shares of Adobe Systems in a research report on Wednesday. Finally, Zacks Investment Research downgraded shares of Adobe Systems from a buy rating to a hold rating in a research report on Wednesday, May 16th. Nine research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $258.41.

Adobe Systems stock opened at $274.69 on Thursday. The company has a market capitalization of $131.13 billion, a PE ratio of 58.09, a PEG ratio of 2.91 and a beta of 1.11. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.22. Adobe Systems has a fifty-two week low of $143.95 and a fifty-two week high of $277.61.

Adobe Systems (NASDAQ:ADBE) last released its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.04. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.25 billion. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The firm’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same period last year, the firm posted $1.10 earnings per share. equities research analysts predict that Adobe Systems will post 5.61 earnings per share for the current fiscal year.

Adobe Systems announced that its board has approved a stock buyback program on Monday, May 21st that allows the company to repurchase $8.00 billion in shares. This repurchase authorization allows the software company to purchase up to 6.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

In other Adobe Systems news, Director Charles M. Geschke sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, June 18th. The shares were sold at an average price of $255.19, for a total value of $1,531,140.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann Lewnes sold 2,939 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $253.80, for a total transaction of $745,918.20. Following the completion of the sale, the executive vice president now directly owns 61,498 shares of the company’s stock, valued at $15,608,192.40. The disclosure for this sale can be found here. Insiders sold 25,324 shares of company stock valued at $6,511,829 over the last three months. Insiders own 0.33% of the company’s stock.

A number of hedge funds have recently bought and sold shares of ADBE. Edgewood Management LLC bought a new stake in Adobe Systems in the second quarter worth approximately $565,496,000. Morgan Stanley grew its position in Adobe Systems by 79.1% in the second quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock worth $836,695,000 after acquiring an additional 1,515,736 shares in the last quarter. BlackRock Inc. grew its position in Adobe Systems by 3.6% in the first quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock worth $7,316,684,000 after acquiring an additional 1,185,325 shares in the last quarter. PointState Capital LP grew its position in Adobe Systems by 2,178.0% in the first quarter. PointState Capital LP now owns 1,100,014 shares of the software company’s stock worth $237,691,000 after acquiring an additional 1,051,726 shares in the last quarter. Finally, Summit Trail Advisors LLC grew its position in Adobe Systems by 29,729.8% in the first quarter. Summit Trail Advisors LLC now owns 513,072 shares of the software company’s stock worth $513,000 after acquiring an additional 511,352 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Adobe Systems Company Profile

Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

See Also: Outstanding Shares

Analyst Recommendations for Adobe Systems (NASDAQ:ADBE)

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